EUX.TV, the EU policy channel» Crisis

We believe in skilling European youth for the future, says Hyundai Vice President

admin — Mon, 30 Apr 2012 22:31:23 +0000

Hyundai Motor Europe Vice President Allan Rushforth on Thursday said at the European Business Summit in Brussels that Hyundai believe in investing in European youth to make an “appropriate and timely contribution to the successful recovery from the current financial crisis”.

We believe in skilling European youth for the future, says Hyundai Vice President

admin — Mon, 30 Apr 2012 22:31:23 +0000

With Greek rescue approved, Eurozone focus shifts to Spain

admin — Tue, 13 Mar 2012 23:14:50 +0000

Eurozone finance ministers on Monday approved a second bail-out fund of130 billion euros for Greece. The deal comes after Greece managed to secure the biggest debt writedown in history. In a move that has saved the country 100 billion euros, private investors exchanged their bonds for new ones worth half their value. President of the Europgroup Jean-Claude Juncker said that the PSI agreement will see Greece’s debt falling even below the original target. As Greece’s problems have lost urgency, the Euro group turned its attention to Spain. As the 4th largest economy in the euro zone, experts say Spain may be too big to default and too big to be bailed-out. The Spanish government challenged the so-called fiscal compact by announcing a higher deficit target for this year. After long negotiations, finance ministers agreed to allow Spain a higher public deficit. However, the concession is tougher than expected. Brussels wants Spain to commit on a 5.3% deficit goal. This is 5 billion euros more in cuts that expected. With an unpredicted recession this year, an unemployment rate of over 20% and a general strike over labour market reforms, things are not looking very bright for Rajoy’s government. Rajoy bought himself some time. Viktor Orban, however, saw the European Commission freeze Hungary’s regional funds over an excessive deficit only last month.

ECB keeps rates unchanged, sees ‘upside’ inflation risk in 2012

admin — Fri, 09 Mar 2012 00:06:11 +0000

President of the European Central Bank Mario Draghi on Thursday said that the ECB will keep interest rates unchanged. Draghi also added that inflation rates are likely to stay above 2%. “Many governments are making progress in regards to fiscal consolidation”, Draghi said.

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EU fiscal pact proves euro is irreversible, say Barroso and Van Rompuy

admin — Fri, 02 Mar 2012 21:16:15 +0000

Speaking in the final EU Summit press conference, president of the European Commission Jose Manuel Barroso on Friday said that the new fiscal treaty signed by 25 member states is the proof that the euro is irreversible. “We are sending a very clear message on the irreversibility of the euro”, he said.

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Europe is moving beyond crisis management, says Reinfelt

admin — Fri, 02 Mar 2012 03:55:08 +0000

Swedish Prime Minister Frederik Reinfelt told journalists on Thursday that economic growth and reforms in key EU countries shows that Europe is moving “in the right direction” He welcomed being able to discuss growth orientation “alongside crisis management”.

Sarkozy challenges Hollande to condemn violence in France

admin — Fri, 02 Mar 2012 03:26:07 +0000

Arriving late in Brussels for an EU leaders summit, French President Nicolas Sarkozy challenged election front-runner Hollande to condemn what he called the “thuggish behaviour”. Sarkozy’s campaign spokesperson accused Hollande’s Socialist Party of organizing “street demonstrations” against the French president.

We may not decide on Schengen tonight, says Finnish PM

admin — Fri, 02 Mar 2012 02:47:07 +0000

Finnish Prime Minister Jyrki Katainen on Thursday told journalists waiting outside the European Council that he does not think they will reach a deal on Bulgaria and Rumania’s accession to the Schengen Treaty tonight. Talking about the eurozone crisis, Katainen also said that Europe may “have to do more” to convince the IMF to boost its contribution to the bailout funds.

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Greece has met conditions for bailout, Monti says.

admin — Fri, 02 Mar 2012 02:11:02 +0000

Italy’s Prime Minister Mario Monti on Thursday told journalists waiting outside the European Council that Greece has accomplished “the prior actions that it had to take”. Monti said that the PSI process is the only step left before “this dossier should be concluded in a positive way”.

Europe should deregulate businesses, Cameron says.

admin — Fri, 02 Mar 2012 02:00:14 +0000

British Prime Minister David Cameron on Thursday told journalists waiting outside the European Council that Europe is not only facing a debt crisis, but a “growth crisis” too. Mr. Cameron said that Brussels should “deregulate business” in order to create jobs. “this is the agenda I will push tonight”, he said.

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Danish PM optimistic Rumania will agree on Serbia’s candidate status

admin — Fri, 02 Mar 2012 01:46:35 +0000

Danish Prime Minister Helle Thorning-Schmidt on Thursday told journalists ahead of the EU Summit that Serbia should be granted candidate status as it has fulfilled all the requirements originally agreed. Thorning-Schmidtt also added that she is positive Rumania will agree with the other member states on a positive vote.

“No drama at the EU Summit’, says Barroso

admin — Wed, 29 Feb 2012 23:25:22 +0000

President of the European Commission Jose Manuel Barroso said on Wednesday that he expects ‘no drama’ at the EU summit later on this week. Barroso also stated that he believes growth is now the way forward to get Europe out of the crisis, as ‘significant progress on other priorities’ has been made. He also called on EU Heads of Government to invest as much in getting Europe back into growth as we are currently investing in getting Europe out of the crisis.”

G20 finance ministers ask Europe to boost bailout fund before more IMF aid

admin — Mon, 27 Feb 2012 19:14:26 +0000

G20 finance ministers on Sunday in Mexico told Eurozone leaders to boost their rescue fund before they can add to the IMF resources destined to help Europe. For his part, European Commission’s vice-president Olli Rehn said in a press conference that the G20 welcomed the euro are agreement on a second Greek bailout deal. “G20 ministers underlined this bailout can put Greece on a sustainable path”, he said.

EU welcomes Greek parliament vote on austerity plan

admin — Mon, 13 Feb 2012 21:51:20 +0000

European Commission vice-president Olli Rehn on Monday told journalists in a press conference in Brussels that the European Union “welcomes” the positive vote of the Greek Parliament on the austerity measures demanded for the approval of a second bail-out programme. “A disorderly default of Greece would be a much worse outcome with devastating consequences for the Greek society, especially the weaker members of the Greek society,” ‘Rehn said.

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We need to reinforce monitoring in Greece, says Rehn

admin — Fri, 10 Feb 2012 17:53:36 +0000

Vice-president for Economic and Monetary Affairs Olli Rehn on Thursday told journalists in a press conference in Brussels that the second Greek bail-out program me needs a “stronger” and “more effective” implementation. “We will strengthen our resources in Athens to achieve better monitoring and assistance”, Rehn said.

Greek rescue elements still missing, says Juncker

admin — Fri, 10 Feb 2012 17:12:31 +0000

President of the Eurogroup Jean-Claude Juncker on Thursday told journalists in a press conference in Brussels that euro zone finance ministers did not have all the necessary elements on the table to take decisions on the approval of a second bail-out package for Greece. “The Greek parliament should approve on Sunday the policy package agreed between the Greek government and the Troika”, Juncker said.

Monti: ‘We are co-protagonists of Eurozone governance history’

admin — Wed, 01 Feb 2012 22:04:45 +0000

In a press conference after the EU Summit held on Monday, Mario Monti, Italian prime Minister, told journalists that the measures taken by the Italian government will not deepen the possible recession that threatens Italy.

People won’t like our future decisions, says Rajoy

admin — Tue, 31 Jan 2012 23:25:58 +0000

Speaking at a press conference, Spanish Prime Minister Mariano Rajoy said that the Spanish government will propose a labour market reform, as trade unions and companies failed to reach an agreement. “I know many people doesn’t like our decisions”, he said.

Europe needs to get ‘really serious’ about growth, says Cameron

admin — Mon, 30 Jan 2012 22:06:02 +0000

David Cameron, UK’s Prime Minister, on Monday told journalists waiting outside the European Council that European leadership need to get “really serious” about the growth agenda in Europe. He also highlighted the “serious effort” he hopes leaders will make at “deregulation” for small businesses.

Europe foresees recession in first half of 2012

admin — Tue, 24 Jan 2012 22:39:50 +0000

European Commissioner for Economic and Monetary Affairs Olli Rehn on Tuesday told journalists at the European Council that there will be a moderate recession across Europe during the first half of this year. Rehn added that economic recovery is expected for the second half.

EU finance ministers criticize Greek performance

admin — Tue, 24 Jan 2012 20:57:03 +0000

European Finance Ministers demand Greece deeper structural and fiscal reforms before its second bail-out of 130 billion euros can go ahead. Swedish Finance Minster Anders Borg on Monday told journalists outside the European Council that the Greek government has “clearly failed” in delivering on fiscal reforms. For his part, Luxembourgish Finance Minister Luc Frieden said that Greece will not get a second bail-out if the agreed requirements are not met. FM’s are also pressuring Athens to reach a deal with private investors over a 50% haircut on nominal Greek bonds. The deal would ensure that Greece reduces its debt level to 120% of GDP by 2020.

Barroso awarded for EU leadership

admin — Mon, 16 Jan 2012 16:35:56 +0000

While the financial and economic storm continues to rage across Europe and the rest of world, European Commission President Jose Manuel Barroso on Saturday received an award for his EU leadership from outgoing European Parliament President Jerzy Buzek, a fellow member of the European People’s Party, Europe’s centre-right political family. The Polish award is known as the Diamond award of Laurels of Abilities and Competence and was handed out during a ceremony in Zabre, Poland. Video footage of this event was made available to media by the audiovisual services of the European Commission.

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ECB chief worried about fiscal inaction in Greece

admin — Fri, 13 Jan 2012 00:00:16 +0000

ECB Chief Mario Draghi on Thursday said that Greece has to bring back on track its fiscal operation

EU has ‘moral’ obligation to solve crisis, says Van Rompuy

admin — Thu, 05 Jan 2012 20:20:11 +0000

In this pre-Christmas video made available by his own audiovisual services, European Council President Herman Van Rompuy announces a special heads-of-state summit for the European Union for 30 January and says that the member states of the union have a ‘moral’ obligation to solve the euro crisis.

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EU concerned about elections as Russia pledges euro support

admin — Thu, 15 Dec 2011 23:13:34 +0000

In a joint press conference, President of the European Council, Herman Van Rompuy, on Thursday expressed his concerns over the transparency of the recent Russian elections. “We are concerned about irregularities and lack of fairness”, Mr. Van Rompuy said. For his part, EC President, Jose Manuel Barroso, highlighted the importance of the “Common steps visa-free travel” launch, which will lay down the path to achieve a visa-free travel regime between the EU and Russia. President of Russia’s Federation, Dmitry Medvedev, said that Russia is willing to help Europe solve the current crisis. “Russia will continue reinforcing financial stability of the euro area, first and foremost, through the IMF”, Medvedev said. Russia’s president also commented on EU-Russia’s energy cooperation, stating that Russia’s “interests” will guide them in the north-European gas pipeline developments.